# In the matter of Bhatia Coke and Energy Limited IA(IBC)-582(CHE)-2021 in IBA-307-2019

> NCLT judgment dated 2022-06-20. Citation: TCN-2022-NCLT-02136. The case pertains to IA(IBC)/582(CHE)/2021 filed in IBA/307/2019, concerning the insolvency…

- **Court:** NCLT
- **Order date:** 20 Jun 2022
- **Citation:** TCN-2022-NCLT-02136
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhatia-coke-and-energy-limited-iaibc-582che-2021-in-iba-307-2019-0b3bf2ce

## Summary

### Background

The case pertains to IA(IBC)/582(CHE)/2021 filed in IBA/307/2019, concerning the insolvency resolution of M/s. Bhatia Coke and Energy Limited. The Resolution Professional (RP) moved the application seeking approval of the Resolution Plan submitted by the successful Resolution Applicant, a consortium of M/s. Earth Elements Development Company Limited and M/s. Mahavir Coal Washeries Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2019-05-22. Several CoC meetings were held to discuss and improve the resolution plans. The CoC approved the resolution plan with 100% voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Bhatia Coke and Energy Limited on 2019-05-22. An initial invitation for Expression of Interest (EOI) yielded no response, leading to a fresh EOI. Five prospective Resolution Applicants emerged, and the Resolution Professional (RP) shared the Information Memorandum and Request for Resolution Plan with them. Only one Resolution Plan was received initially, but two applicants requested additional time due to the COVID-19 pandemic. The CoC granted an extension until 2020-03-27. Two resolution plans were submitted, one by M/s. RARE Asset Reconstruction Limited and another by a consortium of M/s. Earth Elements Development Company Pvt. Ltd. and M/s. Mahavir Coal Washeries Pvt. Ltd. The plan by M/s.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the requirements of Section 30(2) of the Insolvency and …

**Ratio:** The Adjudicating Authority's power to approve a resolution plan is circumscribed by

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**Reasoning:** The court relied on several Supreme Court judgments, including K. Sashidhar v. Indian

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**Interpretation:** Section 30(2) of the IBC sets out the mandatory requirements that a resolution

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**Application:** The court found that the Resolution Plan in this case complied with the

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## Parties

- **Judges:** (Retd.) S.…; Anil Ku…
- **Appellants:** Subrata Monindrana…
- **Respondents:** M/s. Bhatia Coke…

## Timeline

- **2019-05-22 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Bhatia Coke and…
- **2019-10-25 — Form G I…**: Erstwhile IRP issued Form G,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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